PETALING JAYA: MMAG Holdings Bhd
has triggered Paragraph 2.1(g) of Guidance Note 3 (GN3) of the ACE Market listing requirements.
In a filing with Bursa Malaysia, the group revealed that external auditors have expressed material uncertainty related to the going concern of the company in the audited financial statements for the financial year ended March 31, 2023.
Additionally, the shareholders’ equity of the company on a consolidated basis is 50% less of its issued share capital calculated based on the unaudited financial results of the company as at June 30, 2024.
MMAG said it will submit an application for a waiver from being classified as an affected listed issuer to Bursa Malaysia as it has already taken measures by undertaking and completing a rights issue on Jan 23, 2024, raising RM145.34mil.
